The tri-merge credit report is helpful on quite a few levels. Experian, Equifax and TransUnion are the 3 credit report agencies most used and the three have separate knowledge of your credit situation. I would recommend using all three for a chance at a positive credit report. The cost of obtaining these three credit reports is less than , which is a minimal fee to gain the knowledge you need. Depending on which state you’re from you may be able to obtain these reports free of charge.
Financial institutions will use your credit scores when making a decision on whether or not to approve your loan and credit applications. Knowing in advance what your credit report says about you will save you time and frustration when dealing with these companies. You cannot receive a loan for your home, insurance with low premiums, leases on cars or low interest credit cards, if your score is too low.
Reviewing your credit scores often will also alert you to the possibility of someone trying to steal your identity, which happens more common than you may think.
You may be in the midst of someone taking advantage of you through opening card accounts in your name and being delinquent. This will lower your score and be apparent on your reports. You now have the advantage of being able to contact the authorities so that the erroneous items are removed from your report and the police can investigate the culprit.
It can be difficult to get fraudulent charges off of your credit reports. There are many instances of people finding large charges reported by the 3 credit report agencies where the company doesn’t believe that it actually is a fraudulent charge. An example of this would be the application for a cell phone by someone who stole identity information.
When it comes down to proving that it actually is fraudulent activity, you may have to provide proof like the title of your home or pieces of mail. The over abundance of proof that must be provided is necessary for the company in question to believe you. It takes a lot of time and energy to deal with.
You can make your credit score higher by doing quite a few different things. By contacting the major 3 credit report agencies you can find out what’s being reported on your credit report.